FFD Morgan Stanley Frontier Emerging Markets Fund,

Each of the Morgan Stanley closed-end funds listed below (the “Funds”) today declared the following dividends.

   

RECORD DATE

       

PAYABLE DATE

 

12/23/11

1/06/12

                  Net Investment   Long-Term NYSE Income Per Capital Gains Name of Closed-End Fund   Ticker   Share   Per Share Morgan Stanley Asia-Pacific Fund, Inc.   APF   --   $1.120962 Morgan Stanley Emerging Markets Debt Fund, Inc.   MSD  

$0.14*(Quarterly)

  -- Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.   EDD  

$0.30*(Quarterly)

  -- Morgan Stanley Frontier Emerging Markets Fund, Inc.   FFD   $0.216828   -- The Latin American Discovery Fund, Inc.   LDF   $0.148505   $0.268396 The Malaysia Fund, Inc.   MAY   --   $1.468098 The Turkish Investment Fund, Inc.   TKF   $0.304066   --

For more information call: 1-800-231-2608.

*The amount of net investment income to be paid by the Funds is determined in accordance with federal income tax regulations. It is possible that all or a portion of the Funds’ fiscal year 2011 dividend may be a return of capital and that determination cannot yet be made.

The amount of dividends paid by each fund may vary from time to time. Past amounts of dividends are no guarantee of future dividend payment amounts.

The final determination of the source and tax characteristics of all distributions in 2011 will be made after the end of the year.

Investing involves risk and it is possible to lose money on any investment in the Funds.

Morgan Stanley Investment Management, together with its investment advisory affiliates, has approximately 630 investment professionals around the world and approximately $268 billion in assets under management or supervision as of September 30, 2011. MSIM strives to provide outstanding long-term investment performance, service and a comprehensive suite of investment management solutions to a diverse client base, which includes governments, institutions, corporations and individuals worldwide.

Morgan Stanley is a leading global financial services firm providing a wide range of investment banking, securities, investment management and wealth management services. The Firm’s employees serve clients worldwide including corporations, governments, institutions and individuals from more than 1,300 offices in 42 countries. For further information about Morgan Stanley, please visit www.morganstanley.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful under the securities laws of any such state.